On Tuesday, large-cap indices experienced a downturn, while small caps surged, reflecting investor attention on stock valuations.
The iShares Russell 2000 ETF (NYSE:IWM) climbed by over 1%, on track for its fourth consecutive session of gains, representing the lengthiest streak since late 2023.
Blue-chip stocks declined by 0.4%, while the Nasdaq 100 dipped by 0.2%, heading for its sixth negative session out of the last seven. Overall, sectors saw minimal movement, with utilities posting a notable gain of 1.3%, while the tech sector slid by 0.6%.
On the macro front, new orders for manufactured durable goods experienced a significant decline of 6.1% in January compared to the previous month, surpassing market projections of a 4.5% decrease. Investors are eagerly awaiting tomorrow’s release of the second estimate of the fourth-quarter GDP data, which initially stood at 3.3%.
In commodities, oil prices surged by 1.4%, with West Texas Intermediate (WTI) reaching $78.50 per barrel, aiming for the highest close since mid-November 2023. Meanwhile, natural gas prices leaped by 4.1%.
Tuesday’s Performance In Major Indices, ETFs
The Utilities Select Sector SPDR Fund (NYSE:XLU), was the notable outperformer, up by 1.5%, while the Technology Select Sector SPDR Fund (NYSE:XLE) lagged behind, down 0.4%.
Wall Street Stock Movers On Tuesday
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